Illustrates the important areas of managerial economics
Illustrates the important areas of managerial economics as a tool for decision making?
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The important areas of decision making are as follows:
1. Choice of product. 2. Selection of appropriate product mix. 3. Selection of way of production. 4. Product line decision. 5. Determination of quantity and price. 6. Decision upon promotional strategy. 7. Optimum input combination. 8. Distribution of resources. 9. Replacement decision. 10. Buy or Make decision. 11. Shut down decision. 12. Decision upon import and export. 13. Location decision. 14. Capital budgeting.
Labor supplies depend on wage rates and also: (w) labor force participation and capital availability. (x) worker skills and preferences regarding employment. (y) technology and the price of output. (z) labor force participation and derived demand.
An increase within the demand for Swiss cheese will absolutely raise the equilibrium as: (w) price when the supply of Swiss cheese shrinks over the same period. (x) quantity when the supply of cheese shrinks during the same peri
Explain the accounting cost concept in brief.
Illustrates the opinion of Stonier and Hague for explaining Demand in economics?
General training occurs while a: (w) secretary learns a new office procedure. (x) handyman learns to drive a semi-truck. (y) messenger learns the company’s in-house mail route. (z) navy recruit learns how to repair a guided missile.
Differentiate between individual demand schedule and Market demand schedule in law of demand?
Suppose that the auto market began at the intersection of S0 and D0 before people began to expect auto prices to rise in the close to future. How will it influence the auto market?: (1) No change. (2) Demand shifts to D2. (3) Demand sh
All else identical, a competitive firm will demand more labor when: (w) technological advances lead to automation. (x) the price of the firm’s output rises. (y) more firms enter the industry. (z) competing firms offer their workers more training
The most valuable human capital onto the given list would be possessed through a person who: (w) inherited a great deal of money. (x) invested large sums on the stock market. (y) had an advanced degree in music education. (z) specialized like a medica
Increases within the wage rate all the time: (w) lack impact on the relative price of leisure. (x) increase the relative price of leisure. (y) decrease the relative price of leisure. (z) increase the quantity of individual labor supplies.
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